Canadian Underwriter

Lindsey Morden revenue up, losses down

August 13, 2002   by Canadian Underwriter

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Claims services company Lindsey Morden (TSX: LM) is reporting increased revenue and lower losses for the second quarter of 2002 compared with the same period last year. Revenue was $110 million, versus $106 million last year, and increase of 3%. Operating earnings were also up, to $4.4 million from $3.9 million last year.
The company notes that the Canadian operation, known as Cunningham Lindsey, was among those to report increased revenue and operating earnings for the quarter ending June 30, 2002.
The company still suffered a net loss for the second quarter of this year, but it was down to $1.7 million from last year’s $2.2 million loss during the same period.
However, the effects legal settlements in the amount of $9.9 million reported earlier in 2002 continue to weigh on year-to-date results. For the first six months of 2002, the company reports a net loss of $9.7 million, versus last year’s $5.1 million loss at the same point.
However, the company notes that its free flow cash position (defined as cash flow from operations less net capital expenditures after excluding restructuring and certain litigation costs paid) is improved for the most recent quarter, to $0.1 million from negative $2.1 million last year.

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